Central Bank of Russia braces for turmoil with non-resident trading ban

2022/02/28 08:01

According to CoinDesk, non-resident holders of Russian equities will not be able to liquidate their holdings, the Central Bank of Russia announced on Monday, effectively banning foreign trading hours before the market is set to open. Non-resident traders will likely be looking to limit or eliminate their exposure to the sanctioned economy, but are going to find that impossible for the time being. The currency markets opened Monday with the Ruble dropping 40% against the dollar. The Russian central bank raised its key interest rate to 20% from 9.5% on Russia has also ordered companies to sell 80% of their foreign currency revenues, the central bank and the finance ministry said.
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